Small businesses can now rent retail space in Walmart stores across the country.
Through a new partnership with pop-up shop marketplace platform Popable, Walmart is now offering short-term leases to small businesses that don’t want to commit to longer contracts.
Here’s how it works: After a company lists its offering on Popable’s website, small businesses can then be paired with their local participating Walmart to connect and enter into an agreeable temporary leasing agreement.
According to Popable, the timeframe of these leasing agreements will be predetermined by the small business and can range in time from a month up to a year but could grow to a longer-term agreement. The terms are decided and negotiated by the brands and spaces directly themselves, Popable added.
“Supporting small businesses has always been a priority for Walmart,” Darryl Spinks, senior director of retail services for Walmart, said in a statement. “This is a great example of our focus on offering services unique to the neighborhoods we serve through our store of the community initiative.”
Scott Blair, co-founder and CEO of Popable, added that he is looking forward to partnering with Walmart to bring new brands to local communities while providing small business owners the “ability to thrive” with some “great built-in” foot traffic. “For retailers emerging from a challenging year in the face of post-covid impacts ranging from rising economic concerns to delivery issues at the ports, pop-up retail could be a great way to move excess inventory,” Blair said.
This news comes as the retail giant is looking for new ways to expand how it does business. This month, Walmart announced a new social commerce platform designed to be a one-stop shop that makes it easy for influencers to monetize shoppable products from the retailer.
Walmart Creator is currently in its beta phase, but has been intentionally launched ahead of the holiday season. The platform will continue to evolve before launching fully in 2023, according the company.
In September, the retailer launched the next phase of its virtual try-on technology with “Be Your Own Model.” The feature is now available on more than 270,000 items across Walmart’s portfolio of brands and private brands.